This archive report was first published on 6 December 2021.
Stanbic Bank Kenya has made significant strides in supporting the country's socio-economic growth through its Social, Economic, and Environmental (SEE) initiatives. The bank's 2020 Report to Society, released on December 6, 2021, highlights its impact in various areas, including education, job creation, financial inclusion, health, infrastructure, trade, and climate change.
One of the key achievements of the bank in 2020 was restructuring loans worth Ksh40 billion, extending repayment holidays to 7,203 clients, and lowering interest rates, which saved customers Ksh665 million. This move demonstrates the bank's commitment to supporting its clients during challenging times.
Stanbic Bank Kenya's Chief Executive, Mr. Charles Mudiwa, noted that the bank's SEE initiatives aim to create shared value by supporting the core pillars of society while realizing targeted financial returns. The bank's efforts in this area have been recognized, with the bank being named Kenya's Best Investment Bank by EuroMoney Awards for Excellence 2020.
Under its SEE initiatives, the bank has made significant contributions to various sectors, including education, job creation, and financial inclusion. The Stanbic Kenya Foundation, established by the bank, has achieved notable milestones, including the launch of the Accelerate Program, which aims to position Kenyan businesses for success by providing digital literacy and career development training, as well as funding and access to job markets.
The bank has also partnered with the United States African Development Foundation (USADF) to provide a combined grant fund of USD 10 million (Ksh1 billion) to local Micro, Small, and Medium Enterprises (MSMEs) in Kenya. Additionally, the bank has successfully issued loans worth Ksh844 million to women entrepreneurs through the DADA proposition.
On the health front, the Stanbic Kenya Foundation has contributed over Ksh147 million in partnership with corporates to provide 192 oxygen therapy units to the Ministry of Health and 1,000 handwashing stations to vulnerable communities across the country. The foundation has also carried out over 3,000 cancer screenings for those with limited access to affordable healthcare.
Stanbic Bank's commitment to addressing climate change is also evident, with the bank being the lead arranger for Ksh5.7 billion Green Bond by Acorn Holdings in Kenya in 2019. This was East Africa's first-ever green bond, and the proceeds are going towards environmentally friendly student accommodation in Nairobi.
